UAE Announces $2.5 Billion Gas Deal With Indian Company

2026-01-19 02:02:06

(MENAFN- The Peninsula) AFP

Dubai: The UAE announced on Monday a new liquified natural gas (LNG) deal with a state-run Indian company valued at more than $2.5 billion dollars.

The contract, signed between ADNOC Gas -- a subsidiary of the Abu Dhabi National Oil Company -- and Hindustan Petroleum Corporation Ltd, provides for the supply of an annual half a million tonnes of LNG over a 10-year period, the Emirati company said.

The deal "brings the total value of contracts being supported and operated by ADNOC Gas to over $20 billion", and will make India the UAE's largest natural gas customer, ADNOC Gas said.

From 2029, Indian firms will account for just over a fifth of ADNOC Gas's annual 15.6-million-tonne output, according to the company.

The latest deal was finalised on the sidelines of a visit by Emirati President HH Sheikh Mohamed bin Zayed Al Nahyan to New Delhi, where he met with Indian Prime Minister Narendra Modi.

In a joint statement, the two leaders hailed growing trade between their countries since a 2022 agreement, and committed to doubling it to $200 billion by 2032.

MENAFN19012026000063011010ID1110620367

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.